Bill Nelson on the Future of Central Bank Operating Systems
Macro Musings with David Beckworth
Navigating Central Banking Dynamics
This chapter explores the transformative landscape of central banking as institutions adapt their operating systems and interest rate strategies. The conversation emphasizes the importance of establishing a positive spread between market and deposit rates, alongside historical insights from the Norges Bank's tiered reserve system. Additionally, it discusses the complexities surrounding repo markets and the necessity for a stable target in the Federal Reserve's monetary policy to maintain effective liquidity and encourage interbank engagement.
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